The world financial crisis creates a number of risks for Armenian economy, ex-premier of Armenia Hrant Bagratyan said. He pointed out that the crisis effects on Armenia's economy are not so visible due to economic isolation of the country. Yet, some effects could be expected, he said.

Real estate prices have started falling at the end of summer in Yerevan. According to the monthly report of Cadastre Real Estate Committee, the average price for 1 sq/m of an apartment in Yerevan has fallen by 1,8% in August. The number of the real estate bargains also reduced in August by 15% if compared with July and by 22% if compared with August 2007.

Armenia holds the 97th position out of 134 in the Global Competitiveness Report 2008-2009 published by the World Economic Forum, Wednesday. Armenia has dropped by 4 positions as compared with the previous ranking. The United States tops the overall ranking. Switzerland is in the second position followed by Denmark and Sweden. Azerbaijan holds the 69th position, and Georgia - the 90th position. According to the ranking, the main obstacles for Armenia's economy are corruption, low level of tax administration, regulation of exchange rates and unsatisfactory work of the state machine.

Strasbourg, 02.10.2008 - The Monitoring Committee of the Parliamentary Assembly of the Council of Europe (PACE) has received the report from the Human Rights Commissioner regarding his visit to Yerevan from 13 to 15 July 2008 and is extremely alarmed about its findings and conclusions that show that only limited progress has been achieved regarding key demands of the Assembly. The committee therefore invited the Human Rights Commissioner to return to Yerevan and report back to the committee at its meeting in Paris on 17 December 2008.

The Georgian-Russian conflict in early August brought negative economic and humanitarian consequences for the South Caucasus. Carefully built East-West transport and energy corridors have come under question. Recognition of Abkhazia and South Ossetia by Russia presents another diplomatic difficulty for the countries of the region.

The situation with government corruption in Armenia has continued to slowly but steadily deteriorate in the past year, according to the latest global survey released by a respected anti-graft watchdog on Tuesday.